New Zealand’s Energy System Among The Best Globally | Scoop News – Scoop.co.nz

Friday, 8 October 2021, 7:40 amPress Release: ERANZ

New Zealands energy sector has again been ranked asone of the top 10 worldwide by the World Energy Council inits annual Energy Trilemma ratings, ElectricityRetailers Association Chief Executive Cameron Burrowssays.

We should be proud to be one of only 9countries globally - and the only country outside Europe -to achieve the top AAA rating across the EnergyTrilemmas three metrics of security of supply,affordability and sustainability.

Our highplacement in the Energy Trilemma is partly down to ourcountrys abundant natural resources, but its alsobecause we have a well-functioning energy market thatfosters competition and innovation.

Since 2014 theaverage annual residential power bill has fallen by almost$200 in real terms, and New Zealand household power pricesare the 8th cheapest in the OECD.

Large industrialelectricity users did see higher than usual power pricesrecently particularly over the winter due to gasshortages and low lake levels which has been challengingfor some businesses exposed to wholesale energy prices.Since then, rainfall has helped significantly ease bothwater shortages and electricity spot prices.

TheTrilemma results also highlight the key role electricitywill play in New Zealands climate change transition with the World Energy Council singling out theelectrification of transport and process heat as some of ourbiggest opportunities to reduce emissions.

Thereis significant investment in new renewable electricity tomeet growing demand. Annual renewable electricity use hasincreased by 9,000 GWh in the last 15 years enough topower 1.2 million homes and theres more coming allthe time to support our climate change transition. Itsgreat to see this reflected in our Trilemma sustainabilityranking having increased over the last 10years.

The electricity sector is committed toproviding secure, affordable, and sustainable energy to meetgrowing demand as we transition to a low carbon economy.Theres still plenty of work to do, but this yearsEnergy Trilemma results show the sector is performingstrongly for Kiwi consumers, Mr Burrowssays.

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New Zealand's Energy System Among The Best Globally | Scoop News - Scoop.co.nz